The Piggy Bank: Teach Them to Save
Can’t get your kids to understand that they could buy that bike faster if they didn’t spend their $10.00 on a 500-piece kitty cat puzzle? Well your kids certainly aren’t alone. According to experts, “an estimated 38 million households in the US live hand to mouth, meaning they spend every penny of their paychecks.” So, if we, as adults struggle with the idea of saving up money and not spending it just because we have it then no wonder it’s so difficult for our younger ones to grasp the idea!
Trying to convey to your child the benefits of saving through conversations can be frustrating for anyone! They are disappointed because they want to satisfy their “need” to spend their money. You are trying to get them to understand that greater happiness lies in store for them if they would just be patient. Instead of giving up on this apparent uphill battle, Kerry, my favorite parent blogger, suggests using a savings challenge sheet. In fact, she has a free printable savings sheet that you can download using the link below.
This savings sheet works by encouraging your kiddos to save a little each week, increasing each week as they approach their goal. The best part is they can see the “light at the end of the tunnel” by having a time frame of when their goal will be reached—it’s easier to wait, knowing when your waiting will be done!
https://selfsufficientkids.com/kids-teens-savings-challenge-sheet/
Sources: https://selfsufficientkids.com/kids-teens-savings-challenge-sheet/
https://www.creditdonkey.com/average-american-savings-statistics.html